The interest rate on unpaid inheritance tax has now risen to 7.75%, having increased 14 times since the start of last year and six times this year alone. As a result, there is now more urgency than ever before for executors to be as organised as possible for submitting their probate application.
In the majority of matters, where property is the main asset of an estate, and a likely reason for why an estate will be eligible for inheritance tax in the first place, it could be very difficult to sell the property and pay the tax within a very short timeframe.
The problem is compounded by delays in getting a grant of probate which is now, on average, 16 weeks. This is needed before the property can be sold.
Sharon Heselton, principal lawyer from B P Collins’ wills, trust and probate team said:
“Having the advice of an experienced wills, trust and probate lawyer will help to ensure the application is submitted quickly and accurately to help avoid any extra delays and additional costs.
For further information and advice, please contact B P Collins’ wills, trust and probate team at email@example.com or call 01753 889995.